From its peak of USD 400M in May 2022, NFT sales have fallen dramatically below USD 50M, what might have happened?
The last NFT bull run was primarily driven by speculation, NFT traders boasted about their astronomical gains on Crypto Twitter (CT) through flipping NFTs.
Crypto influencers led their followers to ape into the NEXT BIG NFT project, promising life-changing gains.
However, it is evident that such hype and speculation was unsustainable. The NFT projects poised to survive and thrive are those that provide real-world utility.
How do NFTs confer real-world utility and what are some of these projects that do so?
How NFTs Accrue Value From Real-World Utility
NFTs can confer utility in a myriad of ways, ranging from gym memberships to exclusive dining experiences and enhancement of the gaming experience.
Fitness Fiends
Where NFTs meet fitness enthusiasts, paving the way for fitness in the metaverse!
The Fitness Fiends NFTs serve as membership cards that provide holders exclusive access to real-world benefits.
These include access to a real-world gym in London with state-of-the-art equipment as well as discounts on fitness gear and personalized training programs.
Through the introduction of virtual reality technology, Fitness Fiends also seeks to create an immersive environment for gym-goers from around the world to interact with one another.
LinksDAO (rebranded Links Golf Club)
Having launched their NFT membership collection back in January 2022, LinksDAO has recently rebranded to the Links Golf Club.
Having sold out all their NFTs and raising USD 10.5M in the process, they seek to unite a community of golf lovers from across 40 countries and have a goal to purchase a Top 100 golf course through crowdfunding.
The membership tiers offered by Links Golf Club can be found here.
Flyfish Club
Fancy a hangout with Gary? A Flyfish Club membership offers you that opportunity!
The Flyfish Club is the world’s very first members-only private dining club where membership is purchased in the form of an NFT.
There are two membership tiers – a regular tier that offers access to the main room of the restaurant and cocktail bar as well as another more exclusive Omakase tier where holders can enjoy an unparalleled culinary experience.
Game of Silks
As the first ever real world horse racing NFT game, each Silks horse NFT represents an actual real life thoroughbred race horse.
Players stand a chance to earn rewards and prizes when their race horses win races, they also stand to receive rewards when breeding and grooming the horses.
Racer Club
Simply put, Racer Club is the Web 3 racing game that has integrated elements of familiar childhood games such as Mario Kart and Hot Wheels.
Racer Club will be the only blockchain game that does not create new NFT characters for their gameplay.
Instead, players can select their favourite NFTs for use in-game, purchase a Racer Club Shard NFT and create their own club in the game.
More details of the gameplay can be found here.
Closing Thoughts
The fluctuation in floor prices of NFTs is a distraction to the projects’ focus on providing long-term utility to its holders.
The key to the longevity of any NFT project is to build a credible long-lasting brand by providing its holders with exclusive experiences and products, creating a tight-knit community in the process.
The main challenges that lie ahead for NFT founders is for them to stay true to their mission as well as values, to remain steadfast in delivering on their promises according to the roadmaps.
Also Read: We Are in A Crypto Liquidity Crisis – But The Reason is Not What You Think
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief
Author: Clarence Lee
